PHP/USD: what to know
The PHP/USD rate shows how much USD you get for 1 PHP. Right now, 1 PHP buys 0.0160 USD at the mid-market rate. In the other direction, 1 USD is worth 62.6659 PHP.
In the short term PHP is driven mainly by overseas remittances and trade flows, while USD responds to Fed policy, US growth and global risk appetite.
The Philippine Peso (PHP) is issued by Bangko Sentral ng Pilipinas. The Philippines is the only Asian country with a currency called the “peso” — a legacy of Spanish rule. The US Dollar (USD) is issued by Federal Reserve (Fed). Most of the world’s central-bank reserves are held in US dollars.
Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.